Spare Parts Manufacturing Market Report 2026

The spare parts manufacturing market size has grown strongly in recent years. It will grow from $547.11 billion in 2025 to $578.57 billion in 2026 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to growth in industrial equipment installed base, rising maintenance and repair activities, expansion of automotive and machinery sectors, availability of precision manufacturing technologies, increasing aftermarket demand.

The spare parts manufacturing market size is expected to see strong growth in the next few years. It will grow to $732.59 billion in 2030 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to increasing adoption of additive manufacturing for spares, rising investments in smart factories, expansion of predictive maintenance programs, growing focus on inventory optimization, increasing demand for rapid part availability. Major trends in the forecast period include increasing adoption of digital spare parts manufacturing, rising demand for on-demand production, growing use of advanced machining technologies, expansion of localized manufacturing networks, enhanced focus on supply chain resilience.

The growth of the shift toward electric vehicles (EVs) is expected to enhance the growth of the spare parts manufacturing market during the forecast period. Electric vehicles (EVs) refer to automobiles powered entirely or partially by electricity, using rechargeable batteries instead of traditional internal combustion engines. The growth of the shift toward electric vehicles (EVs) is supported by increasing environmental concerns, government incentives, advancements in battery technology, and rising consumer preference for sustainable and cost efficient transportation solutions. Spare parts manufacturing supports this shift by producing essential components such as batteries, electric motors, and power electronics, ensuring efficient maintenance, minimizing downtime, and enabling broader adoption of EV technology. For example, the International Energy Agency, a France based intergovernmental organization, reported that in 2024, electric car sales exceeded 17 million units worldwide, representing an increase of over 25 percent, with an additional 3.5 million vehicles sold compared to 2023. Therefore, the growth of the shift toward electric vehicles is enhancing the growth of the spare parts manufacturing market.

Key companies operating in the spare parts manufacturing market are emphasizing the development of advanced products, such as sensor integrated components, to improve vehicle uptime, enhance diagnostic efficiency, and minimize maintenance costs and downtime. Sensor integrated components are truck parts embedded with intelligent sensors that track real time performance metrics, including temperature, pressure, and wear levels. For example, in April 2024, Trendy Automobile Components, an India based vehicle spare parts manufacturer and aftermarket supplier, introduced a new range of truck electrical and chassis components designed for commercial vehicles to ensure reliable repairs and maintenance. The electrical range, featuring sensor integrated components along with indicator lights, fuse boxes, wiring harnesses, and alternators, is built for high durability and consistent operation, supporting essential systems such as lighting, signaling, and power distribution. In addition, the truck chassis parts, including brake shoe springs, clutch springs, lift axle pins, and water separators, offer strong structural integrity and safety, engineered to endure heavy duty conditions while maintaining vehicle stability and performance efficiency.

In February 2025, The Carlyle Group Inc., a US-based private equity firm, acquired Highway Industries Limited and Roop Automotives Limited for an undisclosed amount. With this acquisition, Carlyle aims to establish a diversified global auto components platform, expand its footprint in the advanced manufacturing and automotive components sector, and leverage operational synergies to strengthen technological capabilities and enhance customer value. Highway Industries Limited is an India-based manufacturing company, while Roop Automotives Limited is an India-based manufacturer specializing in spare parts production.

Major companies operating in the spare parts manufacturing market are Robert Bosch GmbH, Denso Corporation, Continental AG, ZF Friedrichshafen AG, Aisin Corporation, Magna International Inc., Schaeffler AG, Valeo SA, BorgWarner Inc., Mahle GmbH, Hitachi Astemo Ltd., Tenneco Inc., Dana Incorporated, Thyssenkrupp AG, SKF AB, NTN Corporation, Timken Company, Parker Hannifin Corporation, Eaton Corporation plc, Honeywell International Inc., Cummins Inc., ABB Ltd.

North America was the largest region in the spare parts manufacturing market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spare parts manufacturing market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the spare parts manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The spare parts manufacturing market consists of sales of engine components, transmission parts, brake system components, electrical and electronic parts, and suspension and steering parts. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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